Student can choose to do a valuation project for their dissertation.


Students are expected to produce an investment recommendation report about a listed company (please see below).






Students have to expose their investment case about the selected company, supported in their valuation analysis. The investment recommendation can be to BUY (if valuation higher than market price) or to SELL (if valuation lower than market price) the selected company. The consistency and quality of the investment case and the supporting valuation exercise, both properly explained, are the topics to be evaluated. The investment report is self-contained, i.e. there are no additional elements to be evaluated.



The report should deliver:

  • a discounted cash flow (DCF) valuation of the stock (common equity) in the company by
    • identifying the key assumptions for the DCF analysis,
    • presenting relevant cash flow tables and applied valuation formulas, and
    • estimating how sensitive the value estimates are to changes in the key assumptions,
  • a relative valuation of the stock (common equity) in the company by
    • preparing a list of comparable (peer) companies, using criteria that are justified to be appropriate,
    • choosing a multiple that will be used in comparing companies across the peer group,
    • evaluating the company against its peers using the chosen multiple,
  • a final value estimate and investment recommendation by
    • considering the values obtained from discounted cash flow and relative valuation models and reconciling potential differences between the two, and
    • making a final investment recommendation on whether to buy or sell the stock of the company.

Students are expected to produce an investment recommendation report for one of the companies below (max 25 students for company):

  1. Netflix


  1. Wynn Resorts https://wynnresortslimited.gcscom/investorrelations
  2. Manchester United


  1. Costco Wholesale Corp.


  1. Adidas https://www.adidascom/en/investors/overview/    


  1. BASF:


  1. Carrefour:


  1. Danone:


  1. Inditex:  


  1. Amazon


  1. Acerinox


  1. Saint Gobain https://www.saintcom/en/finance


  1. Airbus


  1. Diageo


  1. Vodafone


  1. Intercontinental Hotels


  1. Unilever


  1. Swatch


  1. Nestle


  1. Pirelli


  1. Heineken


  1. Arcelor Mittal


  1. Juventus


  1. LVMH


  1. Continental


  1. SAP


  1. British American Tobacco


  1. Vestas